WeRide trims losses as China’s robotaxi race gains momentum

[HONG KONG] WeRide narrowed its third-quarter net loss on increased robotaxi orders, as it races for a slice of the growing global market for driverless cabs.

The Chinese autonomous driving company posted a 307 million yuan (S$56 million) net loss, less than a third of the 1.04 billion yuan loss reported a year ago, according to a filing on Monday (Nov 24). Overall sales more than doubled to 171 million yuan, with robotaxi revenue climbing eight-fold to 35.3 million yuan.

The firm is cooperating with ride-hailing giants, such as Grab Holdings and Uber Technologies, as both firms seek to expand their robotaxi fleets, while also receiving its own approvals to operate such services from Abu Dhabi to Switzerland, reinforcing its global ambitions. The company currently holds autonomous driving permits in eight countries, the most out of all robotaxi players in the region.

Beijing views autonomous-driving technology as a strategic priority and has outlined a policy to make China the global leader in driverless vehicles by 2035.

In Abu Dhabi, the firm is looking to extend its commercial operation hours from 12 hours to 24 hours a day, while increasing average daily orders to more than 25 trips per day, chief financial officer Jennifer Li said on an earnings call.

Meanwhile, chief executive officer Tony Han said the company is boosting investment in research and development to strengthen its technology platforms, though he wants to see only moderate growth in expenditure as WeRide targets profitability.

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WeRide’s Hong Kong-listed shares rose 2 per cent on Tuesday, though they are still down more than 20 per cent since their debut this month as competitive pressures spark concern among investors. Peer Pony AI is due to report results later Tuesday. BLOOMBERG